Self-hosted Website or Free Wordpress Site?

I am a beginner in online marketing and I was wondering what are the advantages of your own website compared with a wordpress free blog.I mean if you are in affiliate marketing business, do you have any chance to promote products successfully with wordpress? And if you do, could you help me with some tips?

Also, another disadvantage of using a free hosted website is you that you do not have full control of your content. Anytime, your free host may shut down your website and all your content may be deleted.